When to exchange euros?

VeryMan

grumbler wrote: »

They have, but € transfers aren't free in UK.

You can't. It's always a compromise between the cost and the security. If the latter is your priority, use some bank instead.You certainly will pay (a flat fee, not %) for sending €€ to Transferwise. Search the board - there is a long thread on it.
£ transfer is likely to be free unless they offer CHAPS and you chose it.

thanks but I can't find any thread
how is the transferwise process exactly? I transfer the money to their bank account and then they send me the money to my other bank account?

grumbler

Transferwise thread

Transferring large inheritance from EU to UK - transferwise? or who?
TransferWise, a cheap way to transfer money abroad
Transferwise - what you see is not what you get

zolablue25

In the run up to the Scottish Referendum the pound suffered. This, I believe, was due to uncertainty - apparently "the markets" don't like this. The same stands for the Brexit referendum. I can't see the pound getting stronger before the referendum, really no matter what the polls suggest.

However, I certainly wouldn't be able to predict which way the pound would go after the referendum no matter the result. I would expect, should there be a vote for Brexit, the pound would probably fall initially, but may well recover quickly. I would not wish to wager on this though.

Conversely, if the vote is to stay then the pound would, probably, recover a bit initially, but may well not keep this ground as sentiment could easily turn quickly due to government squabling etc, etc.

As I stated earlier, it is the uncertainlty that the markets don't really like and as such I have already purchased my Euros for my European holiday at the end of May. What the rate will be like for my trip to Germany in August is anyone's guess!

Edit: Of course, should the Greece situation hit the fan again, all bets are off!

missile

If you are concerned over using a broker, you can open an offshore bank account.


I have two with LLoyds one in euros and one in Sterling. They offer free transfers to my UK LLoyds current account. I find it is simple to pay in then exchange from one currency to another, then pay out to wherever. DIY all on line and nearly as competitive as using a currency exchange broker.

grumbler

How are offshore € and £ accounts better than onshore € and £ ones for converting € to £?

VeryMan

I don't want offshore account, they are not secure. Any other option?

grumbler

When asking for 'other option' it's worth saying what exactly you don't like with the options already suggested and what you want to improve.

VeryMan

I think the best option is transferwise. Is there a better option? I could do an offshore account but how much would that save me?

grumbler

As I said above I don't see what can be achieved/saved by opening an offshore account.

If Transferwise offer the best deal, what are you not happy with then?
If you want to minimise the risk, do it in several chunks, but each € bank transfer will cost you.

VeryMan

How much the bank transfers will cost? Is really transferwise the best solution? Maybe another forex dealer can offer a better deal?